COMMERCE AND FINANCE

Otago Daily Times, Issue 21600, 22 March 1932, Page 6

COMMERCE AND FINANCE

THE SHARE MARKET DUNEDIN STOCK EXCHANGE Business was very dull on the Dunedin Stock Exchange yesterday, and the only sale reported was one of Mosgiel Woollens, b parcel of which changed hands at £6 15s. They were not quoted later. There was a buyer of E. S. and A. Banks at 80s, tut this failed to attract who remained firm at 82s, and no business resulted. An offer of los 6d was made for Waihis, but sellers were not willing totake less than 16s 6d. An easing was noticeable in Kildares, which were on offer at Is lOd, the best buying quotation being Is sd. Okaritos also showed a weakening tendency, the highest offer for these shares being 8s 9d, while sellers remained firm at 9s 3d: Blackwaters were quoted at 5s 9d, but sellers demanded a shilling more, and ho business ensued. Bale Reported-: Mosgiel Woollen, £6 15s, The following are yesterday afternoon s buying and seling; quotations, which are subject to the usual:, brokerage: — BANKING. Bank of New South Wales —Sel £25 2s 6d. Commercial Bank—Buy 13s 9d, sel 14s. :E. S.'and.A.‘Bank —Buy 80s, sel 82s. National Bank of New Zealand —Buy 655. sel 70s. . National'Bank of Australasia —Sel £lO 6S ‘ '■' INSURANCE. National Insurance Co.—Sel 12s 6d. ; i . • SHIPPING. P. and 0. Deferred Stock—Buy 22s 6d. Union:Steam' Ship Co. (pref.)—Sel 20s 3d. . COAL. Kaitangata—Buy 2s 6d dis. Westport Coal Co—Sel 21s. loan and Agency. New Zealand Loan and Mercantile (ord.)—Sel £42. ?■- Wright, Stephenson (pref,)—Sel los. MEAT,PRESERVING. New Zealand Refrigerating (paid) Buy lOs/sel 10s 9d. New Zealand Refrigerating (cont.) Buy 3s 9d, j ■{.' South Otago - Freezing—Buy 40s. SIISCELLANEOUS. Colonial Sugarrr-Sel £3B. - D.I.C. (ord.)—Buy Us 9d, sel 12s 4d... D.I.C. (pref.)—Sel 20s 3d. Dominion Rubber —Sel Gs. Eclipse Petrol Sel 3s. Milburn Lime and Cement —Sel 28s. National Electric —Sel 9s. New Zealand Drug, Co.- —Sel,47s 6d. New. Zealand Express (pref.) —Sel 15s' 6d. '• ' New Zealand Paper Mills (ord.) —Sel 19s 3d. - Otago Daily Times —Sel 465. Smith and Smith (pref.)—Sel 16s. Woolworths (rights)—Sel 3s 6d. BREWERIES. :f New Zealand Breweries, Ltd. —Sel 24s sd. New Zealand Breweries Debentures — Buy 20s. MINING. Waihi—Buy 15s 6d, sel 16s 6d. Mahakipawa—Sel 4d. ■ Kildare —Buy Is sd, sel Is lOd. Okarito —Buy 8s 9d, sel 9s 3d, Paddy’s Point —Buy 2s 9d, sel 3s 6d. Golden Progress —Buy 2s 9d, sel 3s 3d. King Solomon —Buy Is Id. Golden Terrace —Sel 5s 6d. Blackwater —Buy 5s 9d, sel 6s 9d. Consol Goldfields —Buy 25.,Gillespie’s par, sel 4d prem. GOVERNMENT LOANS. 4i per cent. Bonds, 1938 —Buy £92 ss. 4-| per cent. Bonds, 1939—8uy £92 ss. 4J per cent. Inscribed, 1938 —Buy £92. 4| per cent. Inscribed, 1939—8uy £92. 5J pey cent;- Soldiers’ Bonds, 1933 —Buy £9B. ... .

5J per-cent. Soldiers’ Inscribed, 1933 — Buy £98."- ' ‘v.. ~, . 51 -per cent. Inscribed,- 'l933—Sel £9B 10s. v- . ' • 54 per cent. Bonds, 1937 —Buy £97, sel £9B" 15s. 51 per cent. Inscribed, 1937 —sel £9B 6s. NORTHERN EXCHANGES , (Peb United Pbess Association.) The following business was done on ’Changes yesterday:— Auckland. —Sales; Inscribed Stock (1937) 6& per cent. (September-March), £97, £96 15s; Auckland Harbour Board (1941), £101; Commercial Bank, 13s 10J; Union Bank, £6T5s (two parcels); Gurantee Corporation, 4s 3>d; Westport-Stockton, 7d; New, Zealand Breweries, 23s 3d; Wilsons Cement, 26s 6d; Woolworth (rights), 2s 9d; Waihi. 16s; Golden Dawn, 7s 3d. Wellington.’— Sales-reported: New Zealand Government 44 per cent. Stock (1938) £92 2s 6d (late sale Saturday); New Zealand Government 5 per cent. Stock (1945), £9l 10s; Refrigerating Company (£1 paid), 10s 9d (late sale Saturday); Westport-Stockton Coal (ord.), ,6d; New. Zealand Guarantee Corporation (ord.), 4s 2d. Christchurch. —Sales: Union Bank of Australia 1 , £6 14s 6d; New Zealand Refrigerating (£1 paid), 10s 6d, 10s sd; Ccrrnish jP.oint, IJd; Golden Point. 6d (two parcels). Sales reported; New Zealand,, Breweries, 23s Bd.

AUSTRALIAN STOCK EXCHANGES • ' .. (United Press Association.) .„•! (By Electrio Telegraph—Copyright.) ■ SYDNEY, March 21. , (Received March 21, at 9 p.m.) The Stock Exchange was quiet find almost'featureless, investors marking time, with a holiday atmosphere noticeableCommonwealth Bonds —Fours (1938), £9416 s 3d; Fours (1941), £92 18s 9d; hours. (1944), £92 2s 6d; Fours (1947), £9O ss; Fours (1950), £9O 10s; Fours (1957)j £9O 15s; Bank of New South Wales, £2B 7s 6d; • Colonial Sugar, £4O 15s; Burns, Philp, S9s' 74d; Australian Gas A, 102 - 6d;, Australian Gas B, 101 s 6d; Tooths, Goldsbroughs, 24s 7ld; British Tobacco, 29s 9d; Broken Hill South, 46s 9d; Winchcombe, Carson, 19s 3d; Sulphide •Corporation, 11s 3d; Zinc Corporation, 29s 9cT. Melbourne sales wore as follow: —-Amalgamated Zinc, 9s: Australian Glass 34s Sd: Herald and Times, 43s 6d; Commercial Bank of Australia, 15s lOdp. Dunlop Perdriau, 11s 2d; Mount Lyell, 21s 9d.

EXCHANGE ON AUSTRALIA It is likely that the Associated Chambers of Commerce will take, up the question of the New Zealand-Australian exchange with the Associated Banks. At last week’s, meeting of the Auckland Chamber •it was .reported that a letter had; been sent to the associated chambers suggesting that, contact might be established with the banks, "ft- _. ; , - v .,, In the letter it was stated that it was doubtless known that for some time past the banks had been conducting the biew Zealand-Australian exchange business on the basis that £IOO down in New Zealand would realise only approximately £loo in Australia whereas £lls had to be put down in Australia to meet an obligation of £IOO in New Zealand. The margin of profit to the bank on such transactions was enormous. There might have been, and probably was, the letter continued, some justification for a check being placed on the transference of funds from iSew Zealand to Australia during the time when uncertainty with regard to the future of New Zealand exchanges was rife, in order to prevent funds being remitted from the Dominion to the Commonwealth, only to be retransferred at a profit when the exchanges between the two countries move nearer parity on the realisation of the expected further adverse movement of the New Zealand-Loii-don exchanges. The necessity for checking such transferences, however, no longer existed, arid the commercial community in Auckland was a little restive with regard to the matter. In conclusion, the local chamber expressed the opinion that under the export license regulations the Government had power to intervene if there was with the banks’ policy.

local: and overseas markets.

GRAIN AND PRODUCE REPORT

Messrs Dalgety and Co., Ltd., report as follows:—

Oats.—Harvesting of the oat crop is later this season than usual, and so far not many-samples have been seen. A few Central Otago samples have come to hand, and judging from these, the Central oats will be very good. Merchants are at present bare of supplies and there ig a very good demand for Gartons for prompt delivery, and a few sales have been made at about 2s 9d on trucks for A’s and up to 3s for exceptional quality. Discoloured lines are worth about 2s Gd on trucks, according to railage. It is quite possible these values will not be maintained once-the present urgent demand is satisfied.

Wheat. —Samples of milling quality are readily saleable to millers at the prices fixed by the Wheat Marketing Association, viz., 4s BJd, f.0.b., for Tuscan, 4s IOJd, f.0.b., for Hunters, and 5s 04d, f.0.b., for Velvet. The Ctnaral wheat is generally of good quality, but from Greenfield district it is disappointing, most of the wheat so far seen being shrivelled. Chaff. —The market is being kept well supplied with consignments from south and Central districts. There is only a limited demand, and sales of truck lots are difficult to effect. Prime quality is selling at £4 10s per ton, ex truck, with £5 obtainable, ex store, in small quantities.

Potatoes. —Merrhants report a slow sale at present, no doubt due to many people still using their garden crops. The market is being kept well supplied ns well with consignments, from' the, Taieri, which are rather slow of sale at about £4 10s per ton. Donald Reid and Co.. Ltd., report as under:—

Wheat.—Samples are arriving freely, and so far the bulk is being accepted by the miller. Otago Central wheat .is especially in good condition, though the yield .per acre is not .up to expectations, the dry . autumn experienced in that locality taking due toll on the grain crops. The milling wheat is being marketed at the fixed prices, viz., 4s B|d, 4s 10|cl, and 5s OJd, f.0.b., for Tuscan, Hunters and Pearl Velvet respectively. Fowl wheat is not offering so freely, but merchants are not rushing to book supplies. ‘ i , • Oats.—Samples are now arriving and .merchants are buying freely. Duns appear tO be in more plentiful supply than is. usual. Heavy A Grade Gartons meet with good demand, and sales are passing at prices ranging from 2s 6d to 3s according to railage incurred. B Grade are worth fully 3d per bushel less, sacks '-being extra in each'ease. •- Potatoes.—There ig ample arriving to fill all - demands. At this time of the year there is rarely a demand, as, many people have a few to dig in their own gardens. Best tables are worth up to £5, ex store, sacks in, others from £4 to £4 10s. .

Chaff, —The local demand is poor, and it is a rarity nowadays to sell a full truck to any one buyer. Value in Dunedin for prime quality is round about £5 per ton, sacks extra, ex store. Four pounds ten shillings is the equivalent price, ex truck. Medium and inferior lines are unsaleable. If there is plenty hay about poor chaff is rarely inquired for.

BRAN AND POLLARD PRICES The Wheat Marketing Board has issued the following statement:— “There appears to’ be a good deal of misunderstanding in regard to the recent increase in the price of pollard, and the public generally suppose that the recent improvement in price means so much more profit which accrues to the miller. This improvement only represents a partial recovery from a disastrously low level brought about by the exceedingly low price at which Australian mill offals were being sold.

“Under the 'scheme now operating for the stabilisation of milling wheat, the millers have agreed to grist for a much lower figure than has been conceded as fair and reasonable in the past, and all above the standard price received by the miller for pollard ig returned to the wheatgrowers through a: fund established for the purpose.-' Thus the.wheatgrower and not the miller'benefits, from any increase. ;

“ Many consumers are not. aware that pollard is admitted to New Zealand duty free, so the price asked is always regulated by free competition from Australia.” v.

OVERSEAS INTEREST IN , AFFORESTATION •

During recent years a considerable amount of capital from overseas has been arriving in the Dominion for investment in New Zealand industries and in . Commercial Afforestation in particular.) The tremendous possibilities that lie ahead of this new New Zealand Industry seem to be well recognised in other countries, and N.Z. Perpetual Forests,. Ltd., the largest Company of its kind in the world, announces that over £3,400,000 has been invested in its Bond Issues by investors in Australia, England, and other countries)— Advt.

FOREIGN EXCHANGES

AUSTRALIAN MONEY MARKET FUNDS LOCKED UP ON DEPOSIT. An abnormal position has been created in the Australian money market by the high rate of exchange, which has locked up funds which otherwise would have been remitted abroad (states the Melbourne Argus). Much of this money has been offered to the banks on fixed deposit. Deposits also have been increased by money which normally would have found its way into business, or have been invested in mortgages or other forms of security. Traders who usually work on overdrafts at the banks have been realising stocks, and they are now working with credit balances, and some are seeking to place funds on fixed deposit. This surplus of funds has been the cause of the steady reduction of deposit rates which has occurred since June. Bankers are. anxious that the money should flow back into industry. Legislation which has reduced rates of interest on Government loans, mortgages, and other fixed interest-bear-ing securities has been partly responsible for the surplus of deposit funds, but now the rates quoted by the banks may be low enough to induce depositors to seek other avenues of investment.

It is improbable that much exchange money will be diverted from the banks, however, as holders will wish to transfer it abroad at the first opportunity, and they may desire to keep their money free from the risk of market fluctuations, even if the rate of interest earned is Ipw. It is probable that the lower deposit rates will cause some appreciation in prices quoted for Government securities, and the fall in prices which has taken place on the Stock Exchange recently should be checked. Lower rates of interest generally are of advantage to trade. The ultimate effect of the low rates quoted by the banks, and the small returns available from investment in first-class securities, should be to promote interest in industry and commerce as investors seek more profitable employment for their funds.

Scott Bros., produce merchants and commission agents, agents for the Dunedin Egg Supplies Association, report:Eggs: Storekeepers, Is 4d; poultry farmers, Is fid. Butter; Dairy pats, 9d per lb; bulk, Dd per lb. Honey: Bulk, 5d to per lb; 101 b tins, 5s fid each; 51b tins, 3s. Beeswax, Is 4d to Is fid. Eat: Nominally 7s to 8s per cwt. Poultry: Hens. 2s 3d to 3s per pair; ducks, 2s 3d to 2s fid each; geese, 3s fid to 4s each; turkeys, hens 7Jd to 8d per lb, gobblers 9d per lb. Pigs: Prime baconers, 4id to 5d per lb; porkers, to 5d per lb. Potatoes: Oamaru and Taieri, £4 5s to £4 10s per ton. Green peas, lid to 2d per lb. Onions: Canterbury, 11s per cwt. Chaff; Prime oaten sheaf, £4 15s to £5 per ton, bags extra ex store. Partridge peas, Cs 3d per bushel, sacks extra. Whole fowl wheat, 4g 9d to 5s 3d per bushel, sacks extra. Barley dust, 8 s per 1501 b. Clover and ryegrass hay, £4 10s to £4 15s per ton, ex store. Maize, 6s 9d per bushel. Oats: Cartons, 3s to 3s 3d; Sparrowbills, 3s Cd per bushel, sacks extra. Pea meal, 17s fid per sack of 1501 b. Machine-dressed seconds oats, 3s fid bushel. Pressed wheateu straw, 3s lOd; oaten, £3 15s, ex store. Oat dust, 4s fid bag. Feed barley, to 2s 9d per bushel. Farro food, £6 ton. All poultry requisites in stock.

MINING OKARITO RETURN. The secretary of the Okarito Five Mile Beach Gold Dredging Company, Ltd., reports that the washup for the week ended Saturday, March 10, yielded 50oz for 126 hours. The dredgemaster reports that the ground encountered during the week consisted mostly of old workings.

DAIRY PRODUCE Mr G. A. Lamb, South Island agent for Messrs Bannatync and Co., Ltd., Liverpool, has received advice that the markets are steadier after weakness and that butter is 109 s cwt and cheese 61s to 62s cwt.

(British Official Wireless.) (United Press Association.) (By Electric Telegraph— Copyright.) BDGBT, March 10. Par. Mar. 18. Mar. 19. Paris, fr to £1 124.21 01% 92% Brussels, belgas to £1 85 25,87 28% Oslo, hr to £1 .. 18.150 18% 1811-10 Stockholm, kr to £1 18.150 18 3-16 18% Copenhagen, kr to £1 18.150 18,15 18.15 Berlin, marks to £1 24.43 15% 13 6-16 Montreal, dol to £1 4.80 2-S 4.00 4.07% New York, dol to £1 4.86 2-3 3.81% 3.05 Yokohama, pence to yen 34.68 21 6-10 21% Hongkong, pence to dol 25,15 16 1-10 10 1-16 Bombay, pence to rupee 18 18 5-32 18 5-32 Batavia, florins to £1 12.107 0 Milan, lire to £1 .. 02.43 70 70% Amsterdam, guilder to £1 12.107 8,07% 0.05 Prague, kr to £1 .. 24.02 122 123 Genera, kr to £1 .. 26.22% 18.70 18% Vienna, schillings to £1 24.65% 32 32 Helsingfors, marks to £1 103.334 217% 215% Madrid, pesetas to £1 25.55% 47% 48% Athens, drachma to £1 25.22% 287% 287% Lisbon, escudos to £1 5.60% 109% 100% Bucharest. lei to £1 .. 037 005 007 Bio do Janeiro, ponce to mllrels 18 4 1-10 4 1-16 Buenos Aires, , pence to pesos .. .. . • 47.82 38% 38 Shanghai, pence to tael 24% 22 21% Montevideo, pence to peso 51 30% 00%